Nếu các giá trị ban đầu được ail có sẵn, sau đó xác suất bằng không cắt ngắn có thể có tất cả được thu được bằng cách nhân các giá trị ban đầu bằngĐối với biến ngẫu nhiên không biến đổi,Trong trường hợp này, xác suất nhị thức mỗi gốc tiêu cực đã được nhân | David Ricardo Principles ofPoliticalEconomy and Taxation 266 equally have been bought if they had charged the market price for it. It would not lower the price of cloth to the consumer because the price as I have said before would be regulated by the cost of its production to those who were the least favoured. Its sole effect then would be to swell the profits of a part of the clothiers beyond the general and common rates of profits. The establishment would be deprived of its fair profits and another part of the community would be in the same degree benefited. Now this is precisely the effect of our banking establishments a rate of interest is fixed by the law below that at which it can be borrowed in the market and at this rate the Bank are required to lend or not to lend at all. From the nature of their establishment they have large funds which they can only dispose of in this way and a part of the traders of the country are unfairly and for the country unprofitably benefited by being enabled to supply themselves with an instrument of trade at a less charge than those who must be influenced only by market price. The whole business which the whole community can carry on depends on the quantity of its capital that is of its raw material machinery food vessels c. employed in production. After a well regulated paper money is established these can neither be increased nor diminished by the operations of banking. If then the State were to issue the paper money of the country although it should never discount a bill or lend one shilling to the public there would be no alteration in the amount of trade for we should have the same quantity of raw materials of machinery food and ships and it is probable too that the same amount of money might be lent not always at 5 per cent indeed a rate fixed by law when that might be under the market rate but at 6 7 or 8 per cent the result of the fair competition in the market between the lenders and the borrowers. Adam Smith speaks of
